Survey finds that one out of every five Americans could be out of money “by Election Day”
This week we learned that there won’t be any more stimulus checks for the American people before the election, and that prompted tremendous eruptions of anger all over social media. At first I didn’t understand why people were so angry, but now I do. It turns out that a substantial portion of the population is desperate for another round of checks because they are almost entirely out of cash. In fact, a very alarming survey that was just conducted found that one out of every five Americans “could be out of money by Election Day”…
In fact, nearly one-quarter of U.S. consumers say they have less than three weeks of financial runway before they run out of cash, according to a weekly survey on Americans’ finances by consumer finance company Credit Karma. With just four weeks until the election, 1 in 5 Americans could be out of money by Election Day, the data shows.
This is yet more evidence that is consistent with the assertion that the economic downturn in the United States is starting to accelerate again. The trillions of dollars of “stimulus money” that the federal government borrowed and spent earlier this year is starting to wear off, and tens of millions of Americans simply aren’t going to be able to make it without more emergency government assistance.
But none is coming for a while, and so many American families are going to be faced with some really “tough choices”…
“People are going to be forced to make tough choices,” says Colleen McCreary, chief people officer at Credit Karma. “There are a lot of Americans who either haven’t been in this situation in a long time or have never had to face this reality. Many will have to sacrifice and prepare because it could get worse before it gets better.”
Sadly, I think that McCreary’s assessment is overly optimistic.
There is absolutely no guarantee that economic conditions will get any better for the foreseeable future.